 "Federal Bank hits record high amid report KVS Manian may join as MD & CEO")
Federal Bank stock price jumped 4.7 per cent to hit a fresh record high of Rs 170.25 per share on the BSE in Thursday's intraday trade amid reports that KVS Manian, who recently resigned from Kotak Mahindra Bank's Board, may join Federal Bank as its managing director and chief executive officer (MD & CEO).
At 11:22 AM, Federal Bank stock was trading 3.5 per cent higher at Rs 168 per share as against 0.27 per cent rise in the benchmark S&P BSE Sensex.
According to reports, KVS Manian could replace Federal Bank's MD and CEO Shyam Srinivasan, whose term ends in the last week of September 2024, as the Reserve Bank of India (RBI) has turned down the bank's request to give him a one-year extension.
Manian, meanwhile, stepped down from his position at KMB on April 30, "to pursue other opportunities in the financial services sector", with immediate effect.
Results today
Federal Bank is scheduled to report its January to March quarter results today, May 2, 2024.
Federal Bank is scheduled to report its January to March quarter results today, May 2, 2024.
Analysts at Nirmal Bang Institutional Equities expect Federal Bank to report 12.4 per cent year-on-year (Y-o-Y) rise in net profit at Rs 1,014.7 crore. Net interest income (NII), on the other hand, is seen rising 17 per cent Y-o-Y to Rs 2,236.4 crore.
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On the contrary, global brokerage Nomura sees Q4FY24 net profit falling 4 per cent Y-o-Y and 14 per cent Q-o-Q to Rs 870 crore. PAT was Rs 900 crore in Q4FY23, and Rs 1,010 crore in Q3FY24.
It, however, sees NII at Rs 2,200 crore, up 15 per cent Y-o-Y and 4 per cent Q-o-Q. Loan book is pegged at Rs 2.09 trillion (up 20 per cent Y-o-Y/5 per cent Q-o-Q), while deposits are seen at Rs 2.56 trillion (up 18 per cent Y-o-Y/5 per cent Q-o-Q) by the brokerage.